Pace Of Public Fund Issuance Slows, Hong Kong Stocks Become A Primary Focus
According to data from Gongmu Paipaiwang, measured by subscription start dates, the market plans to launch 24 new public funds in the week of March 23 to March 29, 2026, marking the second consecutive week with issuance below 30. Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd.’s FOF fund manager Li Chunyu told Securities Daily that since mid‑March the primary market for public funds has cooled as both supply and demand have become more measured. With A‑shares experiencing an adjustment in mid‑March, the profit momentum for equity assets weakened, investor risk appetite receded, and willingness to subscribe to new funds declined; concurrently, fund managers have intentionally moderated issuance to await more favorable market windows.
Equity products continue to dominate the planned launches. Of the 24 funds scheduled, 20 are equity‑oriented, representing 83.33% of the total; these comprise 14 stock funds and six mixed‑asset funds, with passive index strategies accounting for 11 of the stock funds and thus the majority within that segment. In addition, two fund‑of‑funds and two bond funds are slated to begin issuance.
A closer review of the upcoming products shows four offerings explicitly referencing Hong Kong equities in their names: Huitianfu Hong Kong Stock Connect Cyclical Selection Hybrid, Huitianfu CSI Hong Kong Stock Connect Healthcare Theme ETF, Penghua CSI Hong Kong Stock Connect Information Technology Comprehensive ETF, and Penghua Hang Seng Hong Kong Stock Connect Automotive Theme ETF. Li Chunyu interprets this concentration as evidence that public fund managers are increasing their attention to Hong Kong stocks and are positioning proactively through product launches.
Guohai Franklin Fund’s prior market commentary indicates the economy remains in an upward technology cycle centered on artificial intelligence. Market consensus also anticipates Federal Reserve rate cuts this year, which could ease overseas liquidity over the next 12 months. Coupled with sustained southbound capital interest in Hong Kong’s core assets, these factors support valuation repair and earnings growth for the Hong Kong technology sector, which is expected to perform well.
On the new energy vehicle theme, Penghua Fund representatives told Securities Daily that the full‑lifecycle cost advantages of Chinese new energy vehicles in overseas markets have become more pronounced, enhancing global competitiveness. From January to February 2026, China exported 1.174 million passenger cars, a year‑on‑year increase of 53.3%, reflecting strong overseas momentum among leading automakers. Export strategies are evolving from single‑product shipments toward capacity and ecosystem expansion, with high‑margin export growth creating additional profitability for vehicle manufacturers.
From an issuer perspective, the 24 planned new funds originate from 20 public fund companies. Huitianfu Fund, Penghua Fund, Huabao Fund, and Bank of China Fund each plan to issue two new products, while 16 other institutions will each introduce one new fund.
